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Pakistani rupee hits record low
Thu Jul 3, 2008 10:09am IST
ISLAMABAD, July 3 (Reuters) - The Pakistani rupee weakened to a record low of 69.85/95 to the dollar in early trade on Thursday, as the currency remained under pressure because of import payments, particularly for oil. The rupee had closed at 68.90/69.05 per dollar on Wednesday. The previous low of 69.60 was set on May 20. The central bank subsequently took a number of steps to stabilise the rupee, and dampen speculation against it, but there has been a steady drip in foreign currency reserves because of the weight of demand for dollars from importers. (Reporting by Aftab Borka) |